ozhound322 Posted August 7, 2013 Share Posted August 7, 2013 Hi guys, Does anybody know of it's possible for a UK resident to hold a savings account in Oz. I am leaving for an extended trip in September for 6 months on a tourist visa. I have opened a complete access current account with the Commonwealth Bank of Australia but would like to be able to hold my transferred funds in some sort of interest bearing account for the duration of my trip. If it IS possible I assume that some sort of withholding tax will be deducted at source? And if so, will I be able to reclaim this when I leave or is there a reciprocal tax arrangement in place? Sorry if these seem like really dumb questions - you can probably tell I am newbie to the site!! Thanks. Link to comment Share on other sites More sharing options...
Fisher1 Posted August 7, 2013 Share Posted August 7, 2013 When we opened our account with westpac we were offered an esaver account at the same time. Interest wasnt much - about 2.5 % and they took about 12% in tax - but we left the bulk of the holiday spend in there and transferred a lump each week for the eight weeks we were there. I reckon we had a good dinner out on the interest - not much but better than nothing! Link to comment Share on other sites More sharing options...
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